ANZ is urging businesses to stay vigilant against scam activity as cybercriminals increasingly target small and medium-sized businesses with sophisticated tactics.
Cybercriminals take advantage of businesses and individuals by exploiting vulnerabilities in email systems and financial processes, hacking into internal systems to update invoice payment details and asking for payments to be sent to a new or updated bank account the scammer controls.
This type of activity is referred to as a business email compromise (BEC). According to the Australian Signals Directorate BEC scams are among the most common scam type.
Small businesses are being disproportionately targeted as scammers attempt to target them by impersonating banks or other financial institutions and government agencies, tricking people into sharing personal information, transferring money or clicking on malicious links.
ANZ’s Pacific Regional Executive Sarah Stubbings, said: “Cyber Security Awareness Month offers an opportune time for us to remind businesses about the kinds of scams out there, and how they can help keep their staff and finances safe.
“At ANZ we’re serious about helping businesses stay safe. We combine robust fraud protections with 24/7 support, and provide practical education, like our ‘Stop. Check. Protect’ approach, which encourages busy business owners to slow down and be wary of threats, helping them identify red flags and stay one step ahead of scammers.
“Too often, we see scammers attempt to target small business owners by impersonating trusted business partners or long-term suppliers. Business owners are often run off their feet, and cybercriminals will look to exploit this and take advantage of hardworking business owners.
“Given the sheer volume of emails, text messages, instant messages and social media messages business owners and employees send and receive each day, it’s not surprising we tend to act on things straight away and sometimes overlook inconsistencies in correspondence. Scammers will take advantage of this – I implore customers to double check all communication and if in doubt, contact your vendors and suppliers.”
ANZ said its teams are working around the clock to help prevent cybercriminals from targeting small-medium businesses.
Tips to protect your business:
- Your bank will never ask you to share sensitive banking details like passwords, PINs, or one-time passcodes. If someone requests this, hang up immediately.
- Seek confirmation by phone rather than email if you receive a change of banking details from a supplier or a new supplier you have not paid before.
- Request two authorisations for payments to create an extra level of security, particularly for large transactions or those that are sensitive or urgent.
- Review how you update supplier details making sure employees are aware of the new or updated policies.
